“The question isn’t at what age I want to retire, it’s at what income.” George Foreman
What is Retirement?
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer or as a result of legislation concerning their position (www.Wikipedia.com).
Retirement Income
According to the National Institute on Retirement Security, almost 40 million households have no retirement savings at all. Research by the Federal Reserve found that the median retirement account balance in the U.S. (among those who have retirement accounts at all) was just $59,000 in 2013. The mean balance was $201,300. Recent studies estimates a retired couple’s medical costs at $200,000, assuming both retire at 65, the man lives to 82 and the woman lives to 85. This can be a harsh reality (Smart Asset: Average Retirement Income Dec 11, 2019).
Source of Retirement Income
Savings Account
Relatives/Family
Employer Pension Plans
Investment Accounts: 40lK or IRA
Real-estate: Rental
Income accounts: Annuities (self funded pension)
Social Security Benefits
Small Business Income: $17,000 Threshold with SS*(*refer to the IRS for rules)
Monthly Income Requirements
Rent/Mortgage
Utilities
Food
Automobile
Insurances
Healthcare
Fuel
Leisure
Travel
Entertainment
Dining Out
Hobbies
Relaxation Therapies
The Best Is Yet To Come
The best years of our lives get closer and closer each year as we set the stage now for the life of our dreams in our golden years. Living a life free of worry and demands and choosing where and how we will live. Prepare for possibilities - for the events that can impact you now and years to come.